Britain and the EU have formally informed members of the World Trade Organisation how they plan to split up the EU’s tariff quotas and farm subsidies after Brexit in a plan already rejected by the White House.

The timing of the steel crisis could hardly have been worse for China. Beijing is desperate to be granted market economy status within the World Trade Organisation but is running into stiff opposition from both the US and Europe.

Global growth will step up a gear over the next two years according to the International Monetary Fund, following the collapse in oil prices and the easing of austerity programmes in developed countries.

Britain and the EU have formally informed members of the World Trade Organisation how they plan to split up the EU’s tariff quotas and farm subsidies after Brexit in a plan already rejected by the White House.